My immediate response is to say the bank owns this property outright, and it is not a short-sale. The listing agent is getting the "list price" from the bank who hired 3 other agents to give "price opinions" or BPO's on the property. Banks document and research a lot of data since they may be based 500+ miles away.
I have sold this type of property, and it sold in 3 days too. The bank lists it with an agent, gets an offer that is acceptable, then sends the buyer a 10-page addendum with the banks legal language (like they never lived there, etc.) which gives the buyer a 10-day period to conduct a home inspection and be satisfied with the house (it's an "as-is" sale). This as-is home may be damaged on the inside, and you know condition has a big impact on value.
So the agent adds it into the MLS. Buyers see it immediately and know it is a deal (you did too) and submit an offer to the bank. The bank says "OK" and says "here is our addendum and you have ten days to get it back to us". The agent changes the status to "contingent/kick-out" which is standard language in McLean, VA MRIS which is out MLS.
Hope that is helpful!
Fairfax Realty, Inc.
Sounds to me like the agent/seller did a short sale. SO this contract is really nothing until reviewed by the bank. I am seeing this done pretty often and it's almost as if they are using straw buyers to make it happen.
For example, let's say I am the agent and you are a cash investor...I list the short sale..using you as the buyer. If the bank happens to agree on a price that you find acceptable..then you buy the house. IF not then I put the house on the market at what is now the "approved price". I DO NOT CONDONE THIS BEHAVIOR..but it seems to be happening and with some frequency.
I agree with my colleagues that most likely you do not know the "sale price" but only the "list price" per MLS. Not until the deal is closed is the information public.
Good luck to you and if I can be of assistance please contact me. Thanks
Erik J. Weisskopf, ABR,CDPE,CRS,GRI
Hope that helps.
I agree with Jay's answer, also, until this goes to settlement, no one will know what the sale price of the property. In fact, the sale price might even be for more than what you saw listed on on MRIS.
There are many variables to foreclosures and short sells and auctions!
Good question, I wish we all knew the inside tricks to getting these deals.
Fairfax Realty, Inc.
You can sell properties in about a hundred differant ways. Sounds like they knew what deal they were cutting, and just ran it through the MLS to get the credit for the sale. You are not privy to the sale details.
Nothing bogus about that.